The Canadian skincare industry is projected to be worth approximately $2.13 billion in 2024, representing steady growth from previous years.  

This surge underscores the increasing consumer demand for skincare products, driven by multiple factors. 

Firstly, there’s a heightened focus on self-care and well-being, with consumers of all ages prioritizing healthy and youthful-looking skin. The influence of social media and the rise of eCommerce have also played a pivotal role, boosting consumer awareness and making skincare products more accessible than ever. 

Let’s dive into four key skincare trends and explore how brands can leverage them to seize growing opportunities. 

1. Korean Skincare and Japanese Skincare 

Korean and Japanese skincare trends are revolutionizing the global market with their innovative ingredients and techniques. Brands can leverage these trends by incorporating unique ingredients like snail mucin and Centella Asiatica, which offer healing and hydrating benefits. 

The multi-step Korean skincare routine emphasizes layering products for deep hydration, appealing to consumers who value comprehensive skin care regimens. Both Korean and Japanese products focus on prevention, using gentle, natural formulations suitable for all skin types, including sensitive skin. Ingredients like green tea and rice extract are common, providing antioxidant benefits. 

2. Technology and Customization 

Technology is all around us, including in our skincare routines.  

The rise of at-home skincare devices like LED therapy masks and microcurrent devices shows that consumers want professional-level treatments without leaving their homes. AI-powered tools for skin analysis and personalized skincare recommendations are also gaining popularity, offering solutions tailored to individual needs.  

Brands can tap into this trend by developing smart skincare devices that sync with apps, providing users with real-time feedback and personalized routines. Cetaphil, for example, offers an AI-powered skin analysis tool that customizes skincare solutions based on a selfie. ModiFace, a Canadian tech business, uses AI for skin diagnostics, providing personalized recommendations.  

With so many products available, choosing the best one can be overwhelming, and too many choices can reduce the likelihood of a purchase. These technologies not only meet the demand for high-tech skincare solutions but also simplify the decision-making process, creating an engaging, customized experience for tech-savvy consumers looking to elevate their skincare game in 2024. 

3. Inclusivity and Body Positivity 

Consumers are increasingly seeking products that promote inclusivity and body positivity. Embracing diversity in marketing campaigns and product development can resonate with a broader audience.  

Brands can tap into this trend by going one way or the other:  

• diversify their product lines to cater to various demographics 

• focus on niche markets to address specific skin concerns and needs 

This skincare trend is particularly important for brands targeting Gen Z, as they are known for choosing brands that align with their personal values of inclusivity and authenticity. 

4. High-Performance Ingredients 

Products featuring active ingredients like hyaluronic acid, retinoids, and vitamin C remain highly sought after due to their proven effectiveness in addressing various skin concerns.  

It’s not uncommon for dermatologists to speak positively about these ingredients. 

Brands can tap into this skincare trend by formulating serums with concentrated doses of these ingredients, targeting issues like fine lines, hyperpigmentation, and hydration.  

For example, offering a night cream rich in retinoids for anti-aging or a daytime serum with vitamin C for brightening and antioxidant protection.  

Additionally, incorporating these ingredients into multi-step routines or personalized skincare kits can further enhance their appeal, providing consumers with comprehensive, effective skincare solutions that deliver visible results. 

BONUS: Demand for Vegan Skincare Products 

While the demand for vegan skincare products isn’t exactly a brand-new trend, it continues to grow steadily.  

Consumers are increasingly conscious of the ethical and environmental impacts of their purchases, driving the popularity of vegan products.  

We can expect to see more brands incorporate vegan formulations, emphasize plant-based ingredients, and avoid animal-derived substances. This shift aligns with broader trends towards sustainability and cruelty-free practices, making vegan skincare a significant and enduring trend in the skincare industry. 

Curious to learn about other opportunities like this? Join us on August 28, 2024, at 12 p.m. ET. for the presentation of our new 2024 Brand Momentum Study, featuring a case study on the skincare industry. 

At Leger, we provide brands with the insights and data they need to succeed in this rapidly evolving market. We work with you to drive innovation and product development, identifying exactly what consumers want—from effective, high-performance products to inclusive and body-positive options. 

The Brand Momentum Study is unique to your brand and allows you to gauge its performance against multiple competitors using what we call the Brand Momentum Index. 

The Brand Momentum Index will help you have a clearer view of your brand’s market position, strengths, and weaknesses.

To launch our 2024 Brand Momentum Study, we have analyzed several companies in the skincare industry as a case study. 

We will present the results during our free webinar on August 28, 2024, at 12 p.m. ET.